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How can parents talk to their kids about the economy?

Video transcript

so just as it's really important when your children are young to talk about the grocery bill or the utility bills or whatever else it might be it's also important to point out well how does the whole world work who pays for these highways who pays for the military you know whatever social services and and at least get them thinking about well t-this plus doesn't just magically show up someone has to pay for them and that is the role of taxes and how does the government get those taxes well they can their sales tax so you know you thought something cost four dollars but when you go to pay it's actually four dollars and 32 cents why is that well that $0.32 is going to go to government what's the government going to spend that money on or income tax we're an income tax is a very important thing to talk about with children because they might say oh well if I make $50,000 a year and even the ones that are thoughtful about money and say well I could buy this I could buy that I could buy this but you have to point out well you know after taxes it's only going to be this amount of money and then you're like oh okay I see and those taxes they go to the government explain state government local government federal government where those taxes go and it actually is a rule not just to talk about kind of taxes but it actually makes you talk about society and eventually a political decision so I think you know taxes is part of the of the story of allowing kids to realize things just don't show up magically for free that money is a very important part of our system and it's frankly just not talked enough about
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